Posco, labor union reach tentative wage deal to avert strike

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Posco, labor union reach tentative wage deal to avert strike

Published: 31 Oct. 2023, 10:56 Updated: 31 Oct. 2023, 11:24

SHIN HA-NEE
[email protected]

The logo of Posco seen at the company's headquarters in southern Seoul [REUTERS/YONHAP]

Posco Holdings, the parent of Korea's largest steelmaker, agreed on a wage deal with its labor union on Tuesday.

With the parties reaching an agreement after a months-long dispute through mediation by the National Labor Relations Commission, Posco Holdings managed to avoid a walkout, which would have been the first-ever strike staged by the steelmaker's labor union since it was founded in 1968.

The deal came after unionized workers of Posco voted to go on strike Monday.

Under the deal, Posco agreed to increase the basic monthly salary by 100,000 won ($74), adopt a four-day workweek every other week and provide other benefits, according to officials.

The decision will be finalized if the union approves the proposal in a vote.

BY SHIN HA-NEE, YONHAP [[email protected]]